Gannett’s Takeover Bid Rejected by Tribune Publishing

USA Today: Tribune Publishing, which owns the Los Angeles Times, Chicago Tribune and nine other daily newspapers, said its board of directors has rejected Gannett’s $815 million offer to buy the company. “Tribune Publishing’s board has unanimously determined that Gannett’s opportunistic proposal understates the company’s true value and is not in the best interests of its shareholders.” However, Gannett’s pursuit of Tribune likely will be “a test of wills.”